Asian stocks slip as oil woes sap sentiment, euro stands tall
Asian stocks slipped on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept big gains after enjoying a boost from robust German economic growth.
MSCI`s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was down 0.16 percent.
Australian stocks <.AXJO> dropped 0.48 percent and South Korea`s KOSPI <.KS11> shed 0.5 percent. Japan`s Nikkei <.N225> lost 0.8 percent.
"The decline by U.S. equities led by energy shares is having a knock-on effect, dampening sentiment in sectors related to energy and industry," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
"Broadly speaking equities had enjoyed an almost uninterrupted run for the past few months, so we are seeing a bit of a correction finally emerging."
All three major U.S. stock indexes dipped on Tuesday as an extended drop in crude oil prices hit energy shares and as General Electric
The euro stood little changed at $1.1793
Germany`s seasonally adjusted gross domestic product (GDP) rose by 0.8 percent on the quarter, compared with a Reuters poll forecast of 0.6 percent. [nL8N1NK1JC]
Pressured by the euro`s surge, the dollar index against a basket of six major currencies lost about 0.7 percent overnight before bouncing back modestly to 93.881. <.DXY>.
The greenback was steady at 113.420 yen
The immediate focus for the dollar, and a potential catalyst, was data on U.S. consumer prices due later in the global day.
In commodities, crude oil prices stretched losses, weighed by forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA). [O/R]
U.S. crude futures
With oil prices having slid steadily from 28-month highs scaled last week, commodity currencies came under pressure.
The Australian dollar traded at $0.7630
The Canadian dollar stood at C$1.2739
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)